Usually, the ideal time to be on the market is to launch sometime in March or April, but we are seeing a different trend, at least in terms of new developments. Despite a slowdown in April due to various factors such as holidays, spring breaks, and the First Republic bank failure, New York City’s new development got a fresh wind in May.

Surprisingly, higher interest rates have boosted demand for new developments, as potential sellers in the resale market are hesitant to list and lose their lower rates. Developers have no ...